On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000 as a miscellaneous expense for supplies in order to complete a project for a VIP customer today. You notice the invoice looks a little different from other invoices that are usually processed. You know that by preparing the closing entries tomorrow, the miscellaneous expense will be set to zero for the beginning of the year. Should you write this check today and record the expense or write the check tomorrow? How would the company be affected if the check is written and the invoice ends up being erroneous?

Answers

Answer 1

Answer:

A. No, Should not in any way write the check today and neither record the expense or even write the check tomorrow.

B. The company will be affected if the check

was cut today and the expense was not recorded, which means that the net income of the current fiscal year will be increased by the amount of $2,000 while the net income of the next year will be reduced by the amount of $2,000 and this tend to happens due to some error.

Step-by-step explanation:

A. Based on accounting principle every debit entry must have a corresponding credit entry which means that in a situation where a check is been cut today for miscellaneous expense and for supplies the Miscellaneous expense account should be debited while the bank account should as well be credited based on the double entry principle because if not so the current year net income will wrongly shows and be higher with the amount of $2,000.

B. In a situation where the check was cut today and expense was recorded the following day or tomorrow it means that the current year financial statement net income will be increased by the amount of $2,000 while the amount shown in the balance sheet will decreased by the amount of $2,000.

Therefore I can issue a check today and as well record the expense the same day in which the check was issued.

Answer 2

Following are the solution to the given question:

When an invoice appears to just be distinct from those other bills which are typically handled, this should be filtered once the accountant receives the necessary verification regarding its accuracy/validity.This expense must be noted as well as the check must be written only after sufficient proof of its legitimacy/accuracy has indeed been acquired. This is possible to do it now and tomorrow, but after ensuring that the bill is right. If the accountant has been unable to gather relevant data or evidence through that he or she is uncertain about the accuracy of the invoice as of today, the expense must be recorded as well as the check is written today only after being certain the invoice is correct.Whereas if cost is reported today as well as the check was made, this will increase the overall cost for the current year now and reduce the operating earnings again for the current quarter. Whether it is later discovered that this invoice was incorrect, a reverse of accounting point of view for this invoice must be posted, reducing the expense for the following year and raising the net income for the next month.When an expense is recorded in the current year and subsequently reversed in the following year (due to an incorrect invoice), the income for the current year will be understated, while the income for the following year would be overstated by the amount of the cost.Furthermore, so because the cheque was written yesterday in the current year, the cash/bank balance will be recorded as lowered by the amount of this check for the current year. Whenever the check is reversed the following year, its cash/bank balance would be tallied with cash/bank balance as recorded by the bank.

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Related Questions

Brian, Chris, and Damien took a math test that had 20 questions. The number of questions Brian got right is 14 more than the number of questions Chris got right. Damien correctly answered 2 less than the number of questions Chris answered correctly. If Brian and Damien have the same score, which statement is true?

Answers

Answer:

C. Brian and Damien both answered 2 more questions correctly than Chris did.

Step-by-step explanation:

A. Brian and Damien both answered 2 fewer questions correctly than Chris did.

B. Brian and Damien both answered 4 more questions correctly than Chris did.

C. Brian and Damien both answered 2 more questions correctly than Chris did.

D. Brian and Damien both answered 4 fewer questions correctly than Chris did.

Let

B = number of questions Brian got right

C = number of questions Chris got right

D = number of questions Damien got right

The number of questions Brian got right is 14 more than 1/4 the number of questions Chris got right.

B = 14 + (1/4) * C

Damien correctly answered 2 less than 5/4 the number of questions Chris answered correctly.

D = (5/4) C - 2

If Brian and Damien have the same score,

14 + (1/4) * C = (5/4) C - 2

14 + 1/4C = 5/4C - 2

14 + 2 = 5/4C - 1/4C

16 = 5C-C/4

16 = 4/4C

C = 16

B = 14 + (1/4) * C

= 14 + 1/4*16

= 14 + 4

= 18

D = (5/4) C - 2

= 5/4*16 - 2

= 5*4 - 2

= 20 - 2

= 18

-4(3+7m) please help i will give brainlest and do not answer just to get points this is DUE IN FIVE MINUTES

Answers

Answer:

-28m-12

Step-by-step explanation:hope that helps :)

=(−4)(3+7m)

=(−4)(3)+(−4)(7m)

=−12−28m

=−28m−12

Answer:

-4(3+7m) = -28m - 12

Step-by-step explanation:

-4 (3 + 7m)

= -4 (3) + -4(7)

= -12 + (-28)

= -12 -28m

which expression is equivalent to −34÷(−812)?

Answers

Answer:

-34/-812 = 17/406

Step-by-step explanation: i think this is right...

Answer:

Your answer is: Look Below ↓

Step-by-step explanation:

Hope this helped : )

The endpoints of PQ are P(-3, 1) and Q(4, 25) Find the midpoint of PQ

Answers

Answer:

(-1, 14.5)

Step-by-step explanation:

Well there is a mid-point formula that looks like this:

m = ((x1+x2)/2) , ((y1+y2)/2)

So if we input our two points into the formula we get this:

m=((-3+1)/2) , ((4+25)/2)

Which can be simplified to get:

m=(-1, 14.5)

So these are your coordinates

For the expression 34- 34a to have a negative​ value, what must be true about the value of a ​?

Answers

Answer:

a>0

Step-by-step explanation:

if a is negative then the subtraction sign would switch. therefore, for the expression to have a negartive value a must be greater than 0

in a triangle the height of a triangle h os measured by the formula h=2A/b where A = area of triangle and b=base of a triangle solve the formula for b

Answers

Answer: 2/8

Step-by-step explanation:

PLZ HELP ASAP!!!!



In a recent survey, 62 students out of 100 choose corn as their favorite lunch item. If Washington has 3,800 students, how many students at
Washington would say corn is their favorite?

Answers

2,356 students would say corn is their favorite because if 62 out of 100 loved corn and there are 3,800 students you can multiply 62 by 38 and get your answer.

What is the end behavior of the graph of q?

Answers

im not good at this...

im sorry if im wrong but i think it may be B

Complete the work to solve for y:
2
5
(
1
2
y + 5 ) −
4
5
=
1
2
y − 1 +
1
10
y
1.Distributive property:
1
5
y + 2 −
4
5
=
1
2
y − 1 +
1
10
y
2.Combine like terms:
1
5
y +
6
5
=
3
5
y − 1
3.Subtraction property of equality:
6
5
=
2
5
y − 1
Addition property of equality:
11
5
=
2
5
y
4.Division property of equality:

Answers

Answer:

11/2

Step-by-step explanation:

me took it on Ed with this question

Answer:

11/2

Step-by-step explanation:

i just got it correct

you earn $25 for washing 5 cars how much do you earn for washing 4 cars

Answers

You will earn $20 washing 4 cars

What does negative 3 over 5 > −2 indicate about the positions of negative 3 over 5 and −2 on the number line?

Answers

So,

Ignore the negatives and just make them positives.

For now.

Then, you look at 3/5 and say... it's 3 ticks towards the number five,

meaning it's between 4 and 5. After you do that whats happens is you place back the negatives and you have -3/5 and -2.

-2 < 5 and -2 < 4

Meaning it goes more to the left.

I could be wrong but If I'm right please mark brainliest


A 3-yard roll of butcher paper costs $8.55. What is the price per foot?

Answers

Answer:

$2.85

Step-by-step explanation:

8.55/3

Answer:

$2.85 per foot

Step-by-step explanation:

all u gotta do is 8.55/3

The sum of two numbers is x. If one of the numbers is 12, what is the other?

a. 12 x
b. 12 - x
c. 12 + x
d. x - 12

Answers

Answer:

D

Step-by-step explanation:

The question states that the sum of two numbers is x, and they give us one number which is 12. We know that 12 + 12x cannot equal x. We also know that 12 + 12 + x = x will cancel out the variable. Then, we can eliminate B, as the questions stated that the sum of two numbers is x, and they gave us one number of x. We know that the other number will be the unknown value minus 12, because 12 + x - 12 = x will simplify into x = x, which is true.

I think the answer is d

Convert the fraction into a decimal using a calculator.
Round off to three decimal places. 22 / 95 =

Answers

Answer:

The answer would be 0.22 or .22

Step-by-step explanation:

Answer:

0.23

Step-by-step explanation:

divide the numerator by the denominator

22÷95= 0.23157894...

round 0.23157894... to 0.23

which shows graph (-3,5) and (4,-3) plotted correctly?​

Answers

Answer: D

Hope it helps

Answer:

the forth one (d)

Step-by-step explanation:

The population of a county is growing at a rate of 9% per year, compounded continuously. If the county currently has 14,934 people, how many will there be in this county in 10 years? Round to the nearest person.

Answers

100,344 is the answer

To simplify -36 ÷ (2)(3)^ 2 + 5, we first _____.
A.evaluate the exponent
B.divide -36 by 6
C.multiply the parenthesis
D.divide -36 by 2

Answers

Answer:

12

Step-by-step explanation:

Answer: evaluate the exponent

Step-by-step explanation:   -36/2.3^2+5  there is no parenthesis so

p

e

m

d

a

s

so the next one is exponents

you may think that (2) (3) is parenthesis but when a number is like that (x)(x) just mean to multiply the values  

What is the value of x?

Enter your answer in the box.

x=

Answers

Answer:

x=19

Step-by-step explanation:

Set both equal to each other and then solve for x

slove for x in terms of p,m, and g

m=g-px​

Answers

Answer:

- (m-g)/p =x

Step-by-step explanation:

subtract g

m-g=-p(x)

divide by -p

-(m-g)/p =x

Figure B is a scaled copy of Figure A.

Answers

Answer:

1/3

Step-by-step explanation:

On left side its 6:2 so 6/2 is 3

the scale factor is 1/3 because figure is a reduction

hope it helps ;)

Answer:

1/3

Step-by-step explanation:

The side that's highest is 9 units, the the image its 3. 3/9= 1/3

Express 48 1/4 in simplest radical form.

Answers

Convert the mixed number to an improper fraction...

To take a root of a fraction, take the root of the numerator and denominator separately

Final answer should be around 6.94622

If f(x) = 5x +3, find f(4)

Answers

The answer is:
f(4)=5•4+3
=20+3=23

Which of the following is an IRRATIONAL number? (select ONE)

a
1.323232...
b
32/3
c
1.7284927172646362...
d
1.5

Answers

Answer:

Number C would be the irrational number

what is half of 2^6?????
Need this asap so if you see this and are willing to help me please do

Answers

Answer:

32

Step-by-step explanation:

2 to the 6th power is also 2 x 2 x 2 x 2 x 2 x 2 which equals 64 so then you multiply it by .5 (half) to get 32 :)

Answer:

32

Step-by-step explanation:

2^6= 64

64/2= 32

The wavelength of violet light is 4.0 x 10^−7 m. The wavelength of red light is 6.5 x 10^−7 m. How much longer is the wavelength of red than violet?
A 2.5 × 10^–7 m
B 1.05 × 10^–7 m
C 2.5 × 10^–6 m
D 1.05 × 10^–6 m

Answers

Answer:

A 2.5 × 10^–7 m

Step-by-step explanation:

Given

wavelength of violet light = 4.0 x 10^−7 m.

The wavelength of red light = 6.5 x 10^−7 m

To find the how much longer is wavelength of red light than violet light we have to find difference of wavelength of red and violet light

Difference in  wavelength of red light and violet light =

wavelength of red light -wavelength of violet light

                         = 6.5 x 10^−7 m - 4.0 x 10^−7 m

Difference in  wavelength of red light and violet light = (6.5 - 4.0)*10^−7 m

Difference in  wavelength of red light and violet light =2.5 x 10^−7 m

Thus,

wavelength of red light is 2.5 x 10^−7 m longer than wavelength of violet light

option A

I’m dumb and need help!

Answers

Answer:

C

Step-by-step explanation:

Break into 2 equatins to get x's:

2x-6<4 and 2x-6>-4

Solve for x in both:

2x-6<4

2x<10

x<5

2x-6>-4

2x>2

x>1

Graph both inequalities on the same number line:

<---0-----1-----2-----3-----4-----5-----6--->

The answer is A (1,5)

Which equation represents the line that is parallel to y = 4 and passes through (-3,1)?

Answers

Answer:

y=1

Step-by-step explanation:

what is the slope of a line perpendicular to the line whose equation is 2x-y=-6

Answers

Answer:

m⊥ = –½

Step-by-step explanation:

First, put the given equation in slope-intercept form:

2x – y = –6

–y = –2x – 6

y = 2x + 6

The slope of the line perpendicular to the line given will be the negative reciprocal of the given line's slope, so:

If m = 2, then m⊥ = its negative reciprocal:

m · –1

2 · –1

–2  →  –½

So, the negative reciprocal of 2 is –½.

Evaluate the following expression: 2-(4+3-6) ​

Answers

Answer:

1

Step-by-step explanation:

2 - (4 + 3 - 6)

2 - 4 - 3 + 6

-2 - 3 + 6

-5 + 6

1

or

2 - (4 + 3 - 6)

2 - (1)

1

Answer:

The answer to our question is the number 1

Step-by-step explanation:

=2-1

=1 (the solution)

If p varies directly as
the cube of q, and p =
26 when q = 2, find p
when q = 5

Answers

Answer:

The value of p at q = 5 is 406.25

Step-by-step explanation:

p varies directly as the cube of q

→ That means p ∝ q³

The equation of variation is p = kq³, where k is the constant of variation

∵ p = 26 when q = 2

→ Use them to find the value of k

∵ 26 = k(2)³

∴ 26 = k(8)

∴ 26 = 8k

→ Divide both sides by 8

∴ [tex]\frac{26}{8}=\frac{k}{8}[/tex]

3.25 = k

→ Substitute it in the equation of variation

p = 3.25 q³ ⇒ equation of variation

q = 5

→ Substitute it in the equation of variation to find p

∴ p = 3.25 (5)³

p = 406.25

The value of p at q = 5 is 406.25

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